0001388485 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:EquitySecuritiesRiskMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:GrowthStyleRiskMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:LimitedHistoryofOperationsMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:MarketRiskMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:ManagementRiskMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:InKindContributionRiskMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:RisksRelatedToChangesInGovernmentPoliciesAndInstitutionsMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:LargecapRiskMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:MidcapRiskMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:SmallcapRiskMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:EtfRisksMember 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member CIK0001388485:C000273762Member 2026-04-24 2026-04-24 0001388485 CIK0001388485:S000103230Member oef:RiskLoseMoneyMember 2026-04-24 2026-04-24 iso4217:USD pure false 485BPOS 2026-04-24 0001388485 N-1A FUNDVANTAGE TRUST 2026-04-24 FUND SUMMARY Investment Objective Polen 5Perspectives Growth Opportunities ETF (the “Fund”) seeks to achieve long-term capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zU6RTYBTqhv7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z6l570BIVzQ7" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_495_20260424__20260424__dei--LegalEntityAxis__custom--S000103230Member__oef--ClassAxis__custom--C000273762Member_zO4BKOTW2Pbc" style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 85%; text-align: left">Management Fee1</td> <td style="width: 15%; text-align: center"><span id="xdx_904_eoef--ManagementFeesOverAssets_dpn_c20260424__20260424__dei--LegalEntityAxis__custom--S000103230Member__oef--ClassAxis__custom--C000273762Member_fMQ_____zGhBElN55Jcg" title="Management Fee">0.60%</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Distribution and Service (12b-1) Fees2</td> <td style="text-align: center"><span id="xdx_90A_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_c20260424__20260424__dei--LegalEntityAxis__custom--S000103230Member__oef--ClassAxis__custom--C000273762Member_fMg_____zra0lDzUsIZ5" title="Distribution and Service (12b-1) Fees">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other Expenses3</td> <td style="text-align: center">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Annual Fund Operating Expenses1</td> <td style="text-align: center"><span id="xdx_90F_eoef--ExpensesOverAssets_dpn_c20260424__20260424__dei--LegalEntityAxis__custom--S000103230Member__oef--ClassAxis__custom--C000273762Member_fMQ_____zIZvPoP5KuG8" title="Total Annual Fund Operating Expenses">0.60%</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fee Waiver4</td> <td style="text-align: center"><span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260424__20260424__dei--LegalEntityAxis__custom--S000103230Member__oef--ClassAxis__custom--C000273762Member_fNA_____zO1Sgik67Bg2" title="Fee Waiver">(0.15)%</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver4</td> <td style="text-align: center"><span id="xdx_906_eoef--NetExpensesOverAssets_dpn_c20260424__20260424__dei--LegalEntityAxis__custom--S000103230Member__oef--ClassAxis__custom--C000273762Member_fNA_____zt6zGhkcwqs3" title="Total Annual Fund Operating Expenses After Fee Waiver">0.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in">1 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> The management fee is structured as a “unified fee.” Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has agreed to pay all expenses incurred by the Fund except for the following expenses, each of which is paid by the Fund: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Fund; payments under the Fund’s 12b-1 Plan (if activated); and the management fee payable to the Adviser.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">2 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> The Fund’s Rule 12b-1 Plan has been approved by the Board but has not been implemented, such that no related fees accrue to the Fund.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">3 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> “Other Expenses” are based on estimated amounts for the current fiscal year.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">4 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> The Adviser has contractually agreed to waive 0.15% (15 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place for one year after the commencement of the Fund’s operations, unless the Board of Trustees approves its earlier termination.</td> </tr> </table> 0.0060 0.0000 0.0000 0.0060 -0.0015 0.0045 “Other Expenses” are based on estimated amounts for the current fiscal year. Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). This example does not include brokerage commissions that you may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). This example does not include brokerage commissions that you may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3dY0FHOQem5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zXHa26ABbcG9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_zJnvzH4zrXii" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td> </td> <td id="xdx_480_eoef--ExpenseExampleYear03_zz848BkGGrh4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_415_20260424__20260424__dei--LegalEntityAxis__custom--S000103230Member__oef--ClassAxis__custom--C000273762Member_zyhFeG4cNWz7" style="vertical-align: bottom"> <td style="width: 24%; text-align: center">$46</td> <td style="width: 2%"> </td> <td style="width: 24%; text-align: center">$187</td></tr> </table> 46 187 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. This portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. The Fund is newly organized, and therefore, does not have any portfolio turnover history. Summary of Principal Investment Strategies The Fund typically invests in a portfolio of common stocks of companies and, under normal circumstances, the Fund invests at least 80% of its net assets, at the time of initial purchase, in equity securities of U.S. issuers that exhibit growth characteristics. This 80% policy to invest in U.S. issuers that exhibit growth characteristics may be changed by the Board of Trustees without shareholder approval upon 60 days’ notice to shareholders. For purposes of the 80% policy, the Adviser defines U.S. issuers that exhibit growth characteristics as those companies that, at the time of purchase, are eligible for inclusion in the Russell 3000® Growth Index. This policy does not require the Fund to sell the security of a company if such company ceases to be eligible for inclusion in the Russell 3000® Growth Index; however, additional purchases of such security will be subject to the 20% limitation for securities outside of the Fund’s U.S. growth portfolio. As of January 31, 2026, the average weighted market capitalization of the issuers in the Russell 3000® Growth Index was $2.00 trillion. The Adviser considers multiple factors to identify opportunities with attractive fundamental, thematic and/or technical traits. The Adviser believes earnings growth drives long-term stock performance and is influenced by changes in a company’s internal or external environment. The Adviser has identified the following key environmental conditions or “primary forces”: (i) competitive advantage, (ii) thematic forces, and (iii) cyclical business conditions. The Adviser believes that changes in earnings power produced by competitive advantage, thematic forces, and cyclical business conditions are often not accurately captured in market prices. Thus, the Adviser believes that compelling investment opportunities are often closely associated with these identified primary forces. The Adviser believes that a portfolio of stocks positioned to benefit from one or more of these primary forces should outperform over time. The Adviser aims to construct a portfolio of stocks with key competitive advantages and favorable business conditions. Portfolio construction focuses on industry and factor exposures and seeks to optimize the attractiveness of the overall portfolio against the risks involved in sector or factor exposures that are overweighted or underweighted relative to their benchmark. An “Attractiveness Score” reflects the Adviser’s evaluation of each investment opportunity across valuation, business model, thematic timeliness, management team, and technical behavior. More specifically, the process evaluates all securities in the investable universe across 5 elements: valuation (an assessment of the price paid against estimates for future earnings), business model (profitability, competitive dynamics, etc.), thematic timeliness (relevance of a given secular or cyclical theme currently), management team (proven skill as operators/capital allocators), and technical behavior (market sentiment through the lens of price/volume). The team, using its collective experience and analytical judgement, scores each of these 5 elements on a 1-10 scale with 1 being the worst and 10 being the best. These elements are assigned different weights and are added together to produce an overall “Attractiveness Score”. Stocks with an Attractiveness Score above 20 are considered for inclusion in the portfolio subject to other portfolio construction considerations. In practice, given the weighting scheme, the upper end of the Attractiveness Score range tends to be less than 25. These Attractiveness Scores are constantly changing and have a direct link to position sizing. The Adviser seeks to allocate additional capital to stocks experiencing rising Attractiveness Scores and decrease the size of its position with respect to stocks with declining Attractiveness Scores. Thematic timeliness means how relevant a theme is to current market behavior. Themes allow the team to understand if a given business is likely to experience headwinds or tailwinds given where they sit in the economy. Importantly, themes can be secular or cyclical and have more or less relevance at a given point in time. Thematic timeliness is a subjective judgment that the Adviser scores on to assess the relevance of the theme at that given moment in time. Technical behavior is simply an assessment of the market’s sentiment on a given stock through the lens of price and volume and typically refers to the price/chart of the stock, it is a factor that evaluates price and helps the Adviser with the timing of its investments. The Fund may sell a security if in the Adviser’s view (i) a company’s financial results fall significantly off its projected growth path, either in terms of product sales or market development, (ii) the company loses a significant competitive advantage, or (iii) the Adviser’s assessment of a company’s Attractiveness Score changes; positions may be reduced or eliminated entirely. Each investment is purchased with an open-ended time horizon, but is expected to average between one and two years. Actual time horizons range from a few months to more than four years. However, the Adviser may sell its securities, regardless of the length of time that they have been held, and may adjust the size of its positions, if the Adviser determines that it would be in the Fund’s best interest to do so. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div style="display: none"></div> It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zveh1zFnflKk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> </tr> </table> <div style="display: none"></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStyleRiskMember_zLATpR2bACfa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Growth Style Risk: Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “value” stocks.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> </tr> </table> <div style="display: none"></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryofOperationsMember_z4yvSAxWKeF5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Limited History of Operations: The Fund is recently organized with a limited operating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> </tr> </table> <div style="display: none"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zz6k6VEOu3db"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zBZYTGTgjV4j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Management Risk: The risk that the investment techniques and risk analyses applied by the investment adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td> </tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InKindContributionRiskMember_zyIIAgJCcUD7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="font-size: 10pt; width: 0.25in"> </td> <td style="vertical-align: top; font-size: 10pt; text-align: justify; width: 0.25in">●</td> <td style="vertical-align: top; font-size: 10pt; text-align: justify">In-Kind Contribution Risk: At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Internal Revenue Code. If one or more of the in-kind contributions were to fail to qualify for tax-deferred treatment, then the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets. Similarly, if any of the contributors in an in-kind contribution are corporations (or are partnerships or trusts with corporate beneficial owners) and a special deemed-sale election is not made in connection with the contribution, then the Fund could become liable for an entity-level corporate tax if it disposes of the contributed assets within five years which would decrease the net asset value of the Fund. Further, the Fund’s shareholders would incur tax liability with respect to distributions of gain recognized on the disposition of those assets, in addition to this entity-level corporate tax. As of the date of this prospectus, Fund management is not aware of corporate transferors in the in-kind contribution. Initially, the Fund is expected to include in its portfolio some securities received as part of the initial seeding of the Fund through in-kind contributions, which the Fund intends to hold for a shorter time horizon. The Adviser estimates that the Fund will be operating with its target holdings within one month after launch assuming that market conditions remain stable.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksRelatedToChangesInGovernmentPoliciesAndInstitutionsMember_zZseYRqRV4Uf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Risks Related to Changes in Government Policies and Institutions: The U.S. government has recently made, and may continue to make from time to time, significant changes to established, and in some cases longstanding, policies and institutions of the United States federal government, including the restructuring of </td> </tr> </table> the United States’ trade relationships, imposition of tariffs on products imported from foreign markets, reducing government investment, and downsizing or dismantling of government agencies. Such changes may have immediate and/or longstanding effects on the economies of the United States, its trade partners, and/or its allies. There could be a wide range of consequences that are difficult or impossible to predict from such actions. Such consequences may include a decrease in regulatory oversight of certain highly regulated industries (banking, financial services, data security, drug and medical device development, and energy), an increase in regulatory backlog leading to significantly slower regulatory approval processes, uncertainty with respect to the authority of certain agencies or their personnel, the inability of the federal government and its agencies to maintain the security of personal data of United States citizens and/or of other digital assets. The business and prospects of companies that do business with the government or which rely on government funding may be materially and adversely affected. This may include the Fund and/or prospective issuers held in the Fund’s investment portfolio. <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapRiskMember_zX4LD3Yh1DOf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Large-Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</td> </tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapRiskMember_zQE40ZVtzw23"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Mid-Cap Risk: Medium-sized companies are usually less stable in price and less liquid than larger, more established companies. Therefore, they generally involve greater risk.</td> </tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapRiskMember_zNsryO61DWD"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Small-Cap Risk: The risk that securities of small-capitalization companies may be subject to more abrupt or erratic market movements than securities of larger, more established companies. Generally, the smaller the company size, the greater the risk. Small-capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs.</td> </tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zUhm6O3xB8tk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">●</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">ETF Risks:</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares (known as “Creation Units”) directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Cash Redemption Risk. Although the Fund is expected to generally redeem shares in-kind, it reserves the right to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., restricted securities). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> Market Trading Risk. Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. There are no obligations of market makers to make a market in the Fund’s shares or of an authorized participant to submit purchase or redemption orders for Creation Units. Decisions by market makers or Authorized Participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid/ask spreads. Additionally, in stressed market </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="width: 0.25in"> </td> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a significant variance in the market price of the Fund’s shares and its underlying value. There can be no assurance that the shares will continue to trade on a stock exchange or in any market or that the Fund’s shares will continue to meet the requirements for listing or trading on any exchange or in any market, or that such requirements will remain unchanged. Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or other reasons. In addition, trading in Fund shares on a stock exchange or in any market may be subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules on the stock exchange or market. During a “flash crash,” the market prices of the Fund’s shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause Authorized Participants and other market makers to limit or cease trading in the Fund’s shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell shares at these temporarily low market prices. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility associated with short selling.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Premium/Discount Risk. Shares of the Fund may trade at prices other than NAV. Shares of the Fund trade on stock exchanges at prices at, above or below its most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings since the most recent calculation. The trading prices of the Fund’s shares fluctuate continuously throughout trading hours based on market supply and demand rather than NAV. As a result, the trading prices of the Fund’s shares may deviate significantly from NAV during periods of market volatility. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and resulting premium or discount to the shares’ NAV is likely to widen.</td> </tr> </table> Any of the above factors, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV. However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long-term. While the creation/redemption feature is designed to make it likely that the Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or extreme market volatility may result in trading prices for shares of the Fund that differ significantly from its NAV. Performance Because the Fund does not yet have a full calendar year of operations, no performance information is presented for the Fund at this time. Once available, performance information will be presented in this section of this Prospectus. Because the Fund does not yet have a full calendar year of operations, no performance information is presented for the Fund at this time. Once available, performance information will be presented in this section of this Prospectus. The management fee is structured as a “unified fee.” Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has agreed to pay all expenses incurred by the Fund except for the following expenses, each of which is paid by the Fund: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Fund; payments under the Fund’s 12b-1 Plan (if activated); and the management fee payable to the Adviser. The Fund’s Rule 12b-1 Plan has been approved by the Board but has not been implemented, such that no related fees accrue to the Fund. “Other Expenses” are based on estimated amounts for the current fiscal year. The Adviser has contractually agreed to waive 0.15% (15 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place for one year after the commencement of the Fund’s operations, unless the Board of Trustees approves its earlier termination.